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2022 (1) TMI 847 - MADRAS HIGH COURTRectification of mistake u/s 154 - debatable issue - apparent mistake for the assessing officer to exercise the jurisdiction u/s 154 - jurisdiction of AO u/s 154 to adjust the unabsorbed depreciation loss of earlier assessment years against the current year's business income, while computing deduction u/s 80HHC - HELD THAT:- Though appellant would agree that the issue, as to whether it is permissible to adjust unabsorbed depreciation loss of the earlier assessment year, while computing deduction under section 80HHC, stands decided against the appellant/assessee, he attempted to suggest that the said issue was debatable, when the assessing officer sought to invoke his power under section 15 on the premise that the said issue was finally resolved in favour of the Revenue in the case of Commissioner of Income Tax v. Shirke Construction Equipment Ltd. [2007 (5) TMI 194 - SUPREME COURT] in which, the decision rendered by the Bombay High Court, in the case of Commissioner of Income Tax v. Shirke Construction Equipment Ltd, [2000 (7) TMI 40 - BOMBAY HIGH COURT] was reversed. Hon'ble Supreme Court in the decision in IPCA Laboratories Ltd [2004 (3) TMI 9 - SUPREME COURT] had already overruled the decision of the Bombay High Court in the case of Commissioner of Income Tax v. Shirke Constructions Equipments Ltd (supra). Importantly, it is to be noted that the said decision in IPCA Laboratories Ltd. (supra) was delivered on 11.03.2004 much prior to the order of assessment dated 28.03.2006. Thus, we are of the view that the submission of the learned counsel for the appellant that the issue was debatable, when the assessing officer invoked section 154, lacks merit. An order contrary to law declared by the Hon'ble Supreme Court, would constitute an error apparent on the face of record. Therefore, the order passed by the assessing officer exercising his jurisdiction conferred under section 154 of the Income Tax Act, 1961, as affirmed by the Appellate Authority as well as the Appellate Tribunal, warrants no interference at the hands of this court. - Decided against assessee.
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